The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system.
-- John Bates Clark
   
John Bates Clark   Name:
John Bates Clark
Type:
Economist
Nationality:
American
Birth:
January 26, 1847
Death:
March 21, 1938
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